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Todayâs Agenda
- Elon Musk just canât [stop tweeting](.
- Theresa May just canât [stop Brexiting](.
- India and Pakistan must [stop fighting](.
- Trump must [stop going for easy wins](.
Teslaâs Unpleasant Musk
Tesla Inc. is a $52 billion public company in a vital industry with many important questions hanging over it. And some day we will talk about those questions. But first, OMG DID YOU SEE WHAT ELON MUSK JUST TWEETED?
As Liam Denning has written extensively, Tesla is at a crossroads, with the fate of human civilization (kind of, peripherally) at stake. Will this electric-car maker lead the world into a zero-emissions future or be felled by its own shortcomings? [Tesla has to worry]( about liquidity, anemic spending relative to ambitious growth goals and an exodus of top-level management. But itâs sidetracked repeatedly by Elon Muskâs pointless stunts. The SEC yesterday asked a judge to hold Musk in contempt after he seemed to violate an agreement to keep his tweeting to a dull roar. Said agreement followed an earlier series of problematic tweets and statements, and it all raises one question for Liam: [Does Musk not have better things to do?](Â
Oh, and also: What is the board doing over there? Is it awake? Does it need some coffee? Directorial somnambulance is one reason to guess that, whatever Muskâs shenanigans portend for Tesla as a company, they probably wonât get Musk in all that much trouble personally, Matt Levine writes. Heâll probably [keep on expressing contempt]( for various authorities and getting away with it â just as he kept attacking the SEC on Twitter today.
Musical Chairs on the Brexit Titanic
Much has happened in Brexit in the past 24 hours, though little was resolved. Theresa May said she was open to extending the Brexit deadline if she canât get parliament to miraculously embrace her Brexit plan first. And Labourâs Jeremy Corbyn said heâd support a second Brexit vote. Corbyn would probably prefer not to cancel Brexit, but Remainers should seize this opening to [push for a referendum do-over](, Bloombergâs editorial board writes. As for May, sheâs done nothing but [extend the U.K.âs pain and confusion](, writes Therese Raphael. Meanwhile, the fate of her deal hangs on what Attorney General [Geoffrey Cox can wring]( out of the EU, Therese writes in a second column.
India, Pakistan Inspire Panic
In a harrowing development last night, India launched air strikes inside Pakistan, claiming to target terrorists behind an attack in Kashmir. This brought these nuclear-armed countries closer to full-on war, and [it wonât stop further terror attacks](, writes Nisid Hajari. The real security work India needs to do is much more boring and difficult. But the alternative is more attacks and a growing risk of nuclear exchange, Nisid writes.
The U.S. must keep this situation from escalating, as it has done many times in the past. The trouble is that the careful diplomacy needed is not President Donald Trumpâs style, and he has [hollowed out the diplomatic corps]( that might have handled it, writes Hal Brands.
Further Nuclear Diplomacy Reading:Â
- Iranian foreign minister Javad Zarif, father of the 2015 nuclear deal, sure picked the [wrong time to performatively quit](. â Bobby GhoshÂ
- But Zarifâs only real accomplishment was [tricking the West]( into thinking Iran was moderating. â Eli LakeÂ
Letâs Not Make Too Much of a Deal
Trump arrived in Vietnam today for a summit with North Koreaâs Kim Jong Un. He may want to swap grand promises â denuclearization! withdrawing troops from South Korea! â to win that Nobel Peace Prize. But this isnât realistic, warns Bloombergâs editorial board. A better, less splashy deal would be one with [small, verifiable steps both sides can take]( to make a broader deal possible later.Â
Meanwhile, Trump may also want a big trade deal with China. The risk there is that, eager for a âwin,â he may sacrifice American principles and credibility in [exchange for China buying more soybeans](, warns Michael Schuman.
Further China Reading:  Chinese stocks are [suddenly in a bull market](. But it wonât last if private companies get no love from Beijing. â Shuli RenÂ
Telltale Charts
Lyft Inc. will go public soon, and it might be nice to know if its shares are properly priced. [Best of luck with that](, writes Shira Ovide; this is an unusually dark box.Â
Macyâs Inc.âs earnings report confirms it has stopped bleeding sales. But it [still needs an overhaul](, writes Sarah Halzack, and not just more cost-cutting (which is [obsolete anyway](, writes Conor Sen).
Further Reading
Amazon.com Inc.âs $0 tax bill is [actually a reward for sharing]( wealth with employees. â Bloombergâs editorial boardÂ
Now that Trumpâs AT&T Inc./Time Warner case has been thrashed in court yet again, he might want [address the real antitrust problem: Big Tech](. â Joe Nocera
Congressional Republicans should [vote against Trumpâs border-emergency]( declaration. â Ramesh PonnuruÂ
Big Pharma CEOs made [vague, insufficient drug-pricing promises]( in Congress today. â Max Nisen
The government [shouldnât pay for free college](; making it cheaper for lower-income students would suffice. â Noah Smith
The government [shouldnât pay for universal child care](; a better tax credit would suffice. â Karl W. Smith
Italyâs populist [Five Star movement is collapsing]( quickly. â Ferdinando GiuglianoÂ
Sovereign wealth funds have [$8 trillion in dry powder]( for battling climate change. â Mark GilbertÂ
ICYMI
Michael Cohen is about to [spill the Trump tea](. Closing Amtrakâs Hudson River tunnel for years to upgrade its Stone Age infrastructure could [hurt area home values]( by $20 billion. An Amtrak train stuck in Oregon for 40 hours is [finally moving again](.
Kickers
Some day weâll [all eat lab meat](. Better than Soylent Green! (h/t Mike Smedley)
Relievers have [broken baseball](.
Weezer are âeither the best terrible band or the [worst great band]( of their generation.â
Note: Please send lab meat and complaints to Mark Gongloff at mgongloff1@bloomberg.net.
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